Posted on: 27th Jan, 2010 12:29 pm
Hello,
I have been doing some research on line and looking at some loan options. I am a first time homebuyer and my credit score is less than perfect, around the upper 500's. I really want to buy my first house but I am having trouble finding someone that will loan to someone without a credit score of 620. Does anyone have any suggestions for places that would loan to someone with a credit score of less than 620? I dont really have any bad credit history, I just dont really have a lot of credit history at all. Thanks for the help!
I have been doing some research on line and looking at some loan options. I am a first time homebuyer and my credit score is less than perfect, around the upper 500's. I really want to buy my first house but I am having trouble finding someone that will loan to someone without a credit score of 620. Does anyone have any suggestions for places that would loan to someone with a credit score of less than 620? I dont really have any bad credit history, I just dont really have a lot of credit history at all. Thanks for the help!
if your main issue is a lack of credit, you can do a couple of things that will result in a boost to your score. you can begin, if you haven't already, paying down your balances to as low as possible - zero would be good. you can also avoid shopping for any credit at this time because inquiries have a negative impact on your score.
finding someone to lend to you with a score below 600 is a chore that isn't readily resolved. if you can bump the score up to 620 in short order you'll find plenty of lenders available.
finding someone to lend to you with a score below 600 is a chore that isn't readily resolved. if you can bump the score up to 620 in short order you'll find plenty of lenders available.
With all the new laws, it is harder now to get a loan. Lenders don't want to lend people with credit score under 630 a loan. I was approved for a loan of $100,000. My grace period had just ran out. Within one week when the new laws kicked in, I also am having problems getting a loan to buy a home. I am a first time home buyer.
>>Does anyone have any suggestions for places that would loan to someone with a credit score of less than 620?
American Financial Resources does FHA down to 580. You'll pay higher fees and a higher interest rate.
American Financial Resources does FHA down to 580. You'll pay higher fees and a higher interest rate.
are they nationwide raymond?
>>are they nationwide raymond?
I don't know, I just found out about them last week. I visited their website and downloaded their rate sheet and was really impressed with it. I especially liked the part that said they specialize in flexible FHA manual Underwriting. They were recommended from some of my peers, so I thought I'd mention them.
I don't know, I just found out about them last week. I visited their website and downloaded their rate sheet and was really impressed with it. I especially liked the part that said they specialize in flexible FHA manual Underwriting. They were recommended from some of my peers, so I thought I'd mention them.
Almost forgot ... their website address is afrwholesale dot com.
thankya